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Biz EOD: SBI under-reported bad loans in FY19; Auto sales down 16% in Apr-Nov; Gross NPA of SCBs declines

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twitter-logo BusinessToday.In        Last Updated: December 10, 2019  | 22:20 IST
Biz EOD: SBI under-reported bad loans in FY19; Auto sales down 16% in Apr-Nov; Gross NPA of SCBs declines
Top stories from the world of business and economy

The Reserve Bank of India has found that State Bank of India has under-reported bad loans by Rs 11,932 crore during the financial year 2019. The automotive industry saw a drop of 15.95 per cent in sales in April to November, a report by the Society of Indian Automobile Manufacturers stated. The Gross NPA of scheduled commercial banks (SCBs) has declined by 7.5 per cent at the end of H1FY20 compared to double-digit growth of 18.9 per cent in September 2018. Read for more top stories from the world of business and economy:

1. SBI under-reported bad loans by Rs 11,932 crore in FY19, says RBI report

Due to divergence in reporting of bad loans, SBI has to make additional provisioning of Rs 12,036 crore in the balance sheet. As a result, the adjusted net loss of the bank would be at Rs 6,968 crore instead of its reported profit of Rs 862 crore for FY19.

2. Auto sales down 16%, passenger vehicles sales dip 18% in Apr-Nov period: SIAM

Auto sales down: Domestic sales of two wheelers went down by 15.74 per cent as only 12,864,936 units were sold as compared to 15,267,778 units the year ago.

3. Piyush Goyal defends govt's decision to withdraw from RCEP

RCEP in its current form does not adequately address these concerns and joining it would have been unfair to the country's interests, says Union Commerce Minister Piyush Goyal.

4. Gross NPA of scheduled commercial banks declines 7.5% in H1FY20: Report

The growth in GNPA has been moderating for SCBs at an overall level given the reduction in the slippages of the PSBs and the loan write offs.

5. Blockchain Developer, AI Specialist among top jobs in India: LinkedIn report

"India is seeing a rise in digital transactions, and therefore industries are ramping up investments in Blockchain," says Ruchee Anand of LinkedIn.

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